Panasonic reports $389M loss on quake, tsunami

TOKYO (AP) ? Panasonic slumped to a 30.4 billion yen ($389 million) quarterly loss, hit by damages and lost sales from the earthquake and tsunami in northeastern Japan.

Panasonic Corp., which makes Viera TVs and Lumix cameras, had reported a 43.7 billion yen profit for the April-June quarter the previous year.

Panasonic on Thursday stuck to its forecast for a 30 billion yen ($385 million) profit for the fiscal year ending March 2012, which would be about half the profit for the previous year.